Rethinking how traditional banks operate and focusing on
customer needs is necessary in an era of virtual banks and
other disruptors, according to panellists at the Hong Kong
Institute of Bankers Annual Banking Conference on September
For regulators, the use of regtech to better leverage
technology in compliance and tackling anti-money laundering
(AML) will be the way forward.
"HKMA's Yuen: Banks and tech
companies becoming 'frenemies’ is
Regtech is a major focus for the Hong Kong Monetary
Authority (HKMA), because of its importance in streamlining the
interface between banks and regulators, especially for
compliance, risk management and transaction monitoring. HKMA
deputy chief executive Arthur Yuen noted that with the increase
in complexity and scope of regulations, such as the enhanced
requirements for AML scrutiny under Basel III, regulatory
changes globally have gone up fivefold in the past decade.
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The HKMA has launched a...